Clark & Washington

Three Signs It’s Time to File For Bankruptcy

If you’ve been considering bankruptcy recently, you’re most likely already feeling significantly stressed, frightened and frustrated. However, most people report feeling a vast sense of relief once they’ve made a firm decision to take charge of their financial future by filing for bankruptcy protection. Although it can be difficult to know for certain whether bankruptcy is the right road for you to take, there are several signs to look out for. According to this bankruptcy firm in midtown, below are three signs it’s time:

1. You’re Living on Credit

Credit cards were never meant for paying for daily living expenses. If you’re buying groceries and other essentials on credit, you’ve overextended yourself to a potentially dangerous point. Unless your income increases dramatically, you’ll just be digging yourself deeper and deeper into debt this way. Eventually, you will run out of credit to pay for everyday items. Keep in mind: it’s much easier to recover from financial setbacks if you stop the downward cycle sooner than later.


2. You’re Making Minimum Payments

Another sign that bankruptcy may offer you relief from financial pressure is if you are barely able to make the minimum payments on your cards. Often, this eventually creates a situation in which the balance on your debt simply will not decrease. The credit card companies depend on consumers getting caught up in this cycle. Filing for bankruptcy protection provides you with a way to step off of that never-ending treadmill and get your life back on track.

3. You’re Afraid to Answer Your Phone

If you’re afraid to answer your phone because you think another creditor might be on the line, ready to dun you for payment, then you have a sure sign that it’s time to stop the downward financial spiral that you’re caught up in and take control of your financial future. If you’re receiving more than one call per day about money that you owe, you should make an appointment to discuss your situation with an experienced bankruptcy professional.

Homeowners who find themselves financially adrift often automatically shy away from the thought of bankruptcy. Most are concerned about the possibility of losing their homes. However, the majority of homeowners who file for Chapter 7 bankruptcy are able to keep their property as long as their mortgage payments are current. To find out more about your options as a homeowner filing for bankruptcy protection, contact the law firm of Clark & Washington today for confidential advice.

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